Jackson Financial Incorporation Class A (JXN)
NYSE:JXN
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Jackson Financial Incorporation
(NYSE:JXN)
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Rating:58Neutral
Price Target:
$112.00
▲(2.11% Upside)
Action:ReiteratedDate:04/10/26
The score is held back primarily by weakened 2025 profitability and the sharp deterioration in reported cash flow despite a solid balance sheet. The latest earnings call adds support via strong sales, capital strength, higher 2026 capital generation/return targets, and a dividend increase, while technicals are neutral-to-mixed and valuation is pressured by an extremely high P/E.
Positive Factors
Capital and liquidity
Very strong statutory capital (RBC 567%) and holding-company liquidity above the disclosed buffer provide durable regulatory and operational flexibility. This capital cushion supports underwriting of long-dated annuity guarantees, allows continued shareholder distributions and buybacks, and improves resilience to market-driven reserve or hedge shocks over the medium term.
Negative Factors
Sharp cash-flow deterioration
A precipitous drop in reported operating and free cash flow to zero in 2025 is a structural red flag for sustainability. Lower cash conversion reduces internal funding for product development, capital returns and holding-company needs, increases dependency on nonrecurring capital actions and limits the firm's margin for error if volatility or reserve needs persist.
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Positive Factors
Negative Factors
Capital and liquidity
Very strong statutory capital (RBC 567%) and holding-company liquidity above the disclosed buffer provide durable regulatory and operational flexibility. This capital cushion supports underwriting of long-dated annuity guarantees, allows continued shareholder distributions and buybacks, and improves resilience to market-driven reserve or hedge shocks over the medium term.
Read all positive factors
Jackson Financial Incorporation (JXN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.57B
Dividend Yield2.98%
Average Volume (3M)601.57K
Price to Earnings (P/E)276.8
Beta (1Y)1.40
Revenue Growth24.94%
EPS GrowthN/A
CountryUS
Employees3,060
SectorFinancial
Sector Strength70
IndustryInsurance - Life
Share Statistics
EPS (TTM)6.61
Shares Outstanding70,385,735
10 Day Avg. Volume571,740
30 Day Avg. Volume601,570
Financial Highlights & Ratios
PEG Ratio-2.71
Price to Book (P/B)0.75
Price to Sales (P/S)1.12
P/FCF Ratio1.30
Enterprise Value/Market Cap0.55
Enterprise Value/Revenue0.62
Enterprise Value/Gross Profit0.73
Enterprise Value/Ebitda-297.69
Forecast
1Y Price Target
$128.00Price Target Upside16.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)24.06
Revenue Forecast (FY)$7.71B
Jackson Financial Incorporation Business Overview & Revenue Model
Company Description
Jackson Financial Inc., through its subsidiaries, primarily provides a suite of annuities to retail investors in the United States. The company operates through three segments: Retail Annuities, Institutional Products, and Closed Life and Annuity ...
How the Company Makes Money
Jackson Financial primarily makes money by manufacturing and administering annuity products and earning spreads and fees associated with those contracts. (1) Net investment spread: Customer premiums are invested in a general account portfolio (e.g...
Jackson Financial Incorporation Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
The call emphasized substantial operational and financial progress: record retail annuity sales (notably RILA and new FIA), strong adjusted operating earnings and EPS growth, robust free capital generation (> $1 billion for the second year), improved ROE and book value per share, and an accretive strategic partnership with TPG that strengthens asset sourcing and growth potential. Offsetting these positives were notable quarter-specific non-operating headwinds: large net hedge and MRB losses driven by implied volatility, a sizable reserve/embedded derivative charge, and an unfavorable actuarial assumption update (primarily lapses). Management framed the non-operating impacts as largely volatility-driven and manageable given strong capital metrics (RBC 567%, solid holding company liquidity) and reiterated higher 2026 targets for free capital generation and capital return. Weighing the breadth and magnitude of the company's operational gains, capital strength and strategic initiatives against the identifiable but described-as-manageable hedge/reserve pressures, the highlights materially outweigh the lowlights.Positive Updates
Record Retail Annuity Sales and Diversification
Retail annuity sales were nearly $20 billion for the full year (highest since 2019). RILA sales set a Q4 record at nearly $2.3 billion (Q4 +53% YoY, +10% sequential) and rose 22% for the full year. RILA account value reached $20 billion at year-end (up 74% YoY and 14% vs Q3). Fixed and fixed index annuity (FIA) sales contributed $812 million in Q4, broadening the new business mix.
Negative Updates
Large Net Hedge and MRB Losses in Q4
Total net hedge result for the quarter was a net loss of $405 million, driven largely by equity index implied volatility and interest rate movements. Hedging instruments produced a $370 million net loss and there was a $405 million MRB loss primarily related to variable annuity guarantees.
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Q4-2025 Updates
Positive
Negative
Record Retail Annuity Sales and Diversification
Retail annuity sales were nearly $20 billion for the full year (highest since 2019). RILA sales set a Q4 record at nearly $2.3 billion (Q4 +53% YoY, +10% sequential) and rose 22% for the full year. RILA account value reached $20 billion at year-end (up 74% YoY and 14% vs Q3). Fixed and fixed index annuity (FIA) sales contributed $812 million in Q4, broadening the new business mix.
Read all positive updates
Company Guidance
Jackson guided that 2026 free capital generation should reach or exceed $1.2 billion (assuming a 5% equity market return and interest rates in line with the year‑end forward curve), set a 2026 capital return target of $900 million to $1.1 billion (a ~16% increase versus 2025’s $862 million returned), and the Board raised the quarterly dividend to $0.90 per share (≈+13%); management also said it will maintain an RBC risk appetite of 425% while retaining strong holding‑company liquidity (ended Q4 at $691 million, above the >$650 million buffer) and expects Brooke Re/Hickory Re plus the TPG partnership (which delivered $650 million of value and $500 million of common stock) to support stronger, more stable capital generation and future distributions.Jackson Financial Incorporation Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
73
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 6.68B | 3.09B | 3.17B | 9.72B | 5.50B |
| Gross Profit | 5.71B | 2.39B | 2.47B | 8.91B | 4.99B |
| EBITDA | -14.00M | 1.12B | 1.07B | 7.83B | 4.39B |
| Net Income | 27.00M | 946.00M | 934.00M | 6.19B | 3.42B |
Balance Sheet | |||||
| Total Assets | 344.53B | 338.45B | 330.25B | 314.98B | 375.56B |
| Cash, Cash Equivalents and Short-Term Investments | 53.02B | 44.06B | 43.11B | 46.79B | 54.17B |
| Total Debt | 2.03B | 4.38B | 4.03B | 4.37B | 4.05B |
| Total Liabilities | 334.19B | 328.47B | 319.92B | 305.61B | 364.49B |
| Stockholders Equity | 9.95B | 9.76B | 10.17B | 8.65B | 10.39B |
Cash Flow | |||||
| Free Cash Flow | 5.76B | 5.79B | 5.31B | 5.21B | 5.68B |
| Operating Cash Flow | 5.76B | 5.79B | 5.31B | 5.21B | 5.68B |
| Investing Cash Flow | -7.76B | -7.09B | -592.00M | -1.37B | -1.30B |
| Financing Cash Flow | 3.94B | 2.37B | -6.33B | -2.16B | -3.77B |
Jackson Financial Incorporation Technical Analysis
Positive
109.69
Price Trends
108.34
Positive
107.84
Positive
100.35
Positive
Market Momentum
-0.19
Negative
56.46
Neutral
75.61
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JXN, the sentiment is Positive. The current price of 109.69 is above the 20-day moving average (MA) of 105.04, above the 50-day MA of 108.34, and above the 200-day MA of 100.35, indicating a bullish trend. The MACD of -0.19 indicates Negative momentum. The RSI at 56.46 is Neutral, neither overbought nor oversold. The STOCH value of 75.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for JXN.
Jackson Financial Incorporation Risk Analysis
Jackson Financial Incorporation disclosed 39 risk factors in its most recent earnings report. Jackson Financial Incorporation reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Jackson Financial Incorporation Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $8.58B | 10.48 | 32.29% | 1.59% | 5.63% | 67.39% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | $3.59B | 15.25 | 5.75% | 2.91% | -4.58% | ― | |
62 Neutral | $4.07B | 11.12 | 8.60% | 1.54% | -1.61% | 15.79% | |
61 Neutral | $6.85B | 6.91 | 12.03% | 3.93% | 35.76% | 636.97% | |
58 Neutral | $7.57B | 276.83 | 0.26% | 2.98% | 24.94% | ― | |
58 Neutral | $3.36B | 447.44 | 2.54% | ― | 1.41% | 150.35% |
* Financial Sector Average
JXN
Jackson Financial Incorporation
111.41
43.29
63.55%
CNO
CNO Financial
43.94
7.41
20.30%
GNW
Genworth Financial
8.85
2.47
38.71%
LNC
Lincoln National
37.13
9.19
32.89%
PRI
Primerica
276.21
33.14
13.63%
FG
F&G Annuities & Life Inc
27.07
-5.23
-16.18%
Jackson Financial Incorporation Corporate Events
Business Operations and StrategyExecutive/Board Changes
Jackson Financial Names New CEO for Asset Management
Positive
Apr 9, 2026
On April 9, 2026, Jackson Financial Inc. appointed Christopher A. Raub as President and Chief Executive Officer of its asset management subsidiary PPM America, Inc., where he will lead the executive team and oversee management of Jackson’s g...
Regulatory Filings and Compliance
Jackson Financial details prospectus for potential share resale
Neutral
Mar 27, 2026
On March 27, 2026, Jackson Financial Inc. filed a prospectus supplement with the U.S. Securities and Exchange Commission related to the potential resale of up to 4,715,554 shares of its common stock by an existing selling securityholder and its pe...
Business Operations and StrategyPrivate Placements and Financing
Jackson Financial Establishes New On-Demand Capital and Liquidity
Positive
Mar 19, 2026
On March 19, 2026, Jackson Financial Inc. arranged $900 million of new on-demand capital and liquidity through private placements of pre-capitalized trust securities issued by two Delaware statutory trusts, Grand River Funding Trust I and II, to q...
Business Operations and StrategyStock BuybackDividendsFinancial Disclosures
Jackson Financial posts strong 2025 results, boosts capital returns
Positive
Feb 18, 2026
Jackson Financial Inc. reported its fourth-quarter and full-year 2025 results, highlighting non-GAAP earnings of $1.6 billion, non-GAAP earnings per share of $22.67 and free cash flow of $838 million, despite a GAAP net loss of $17 million, or $0....
Business Operations and StrategyPrivate Placements and Financing
Jackson Financial and TPG Form Long-Term Strategic Partnership
Positive
Feb 11, 2026
On February 11, 2026, Jackson Financial Inc. closed a long-term strategic partnership with alternative asset manager TPG Inc., anchored by a $500 million common equity investment from TPG in exchange for 4,715,554 Jackson shares, or about 6.5% of ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.